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The International Monetary Fund (IMF) says Malawi’s 2019 macroeconomic outlook is positive, the organisation’s November 2018 Country Report No. 18/336 has revealed. The report gives Malawi’s first review under the three year extended credit facility arrangement and requests for modification and waivers of nonobservance of performance criteria. Among others, the report highlights positive outlook on inflation, growth rate and recommends that automatic fuel pricing should be forcefully implemented. “Growth is expected to rebound to 4.0 per cent in 2019,…

By John Saukira International Monetary Fund (IMF) has announced completion of the first review of extended credit facility (ECF) enabling the country to draw about US$15.4 million. In a statement released on Wednesday in Lilongwe says the IMF Executive Board completed the first review of Malawi’s performance under its program supported by a three-year arrangement under the ECF that enables Malawi to draw the US$15.4 million, bringing total disbursements under the arrangement to about US$30.9 million. According to the…

The International Monetary Fund (IMF) said on Friday Malawi’s economy is growing and progressing to the right direction. Addressing the media in Lilongwe, the IMF Mission Chief for Malawi, Pritha Mitra said Malawi’s moderate economy is on track and is likely to grow up to four per cent in 2019 followed by a rise to 6-7 per cent in medium term. “Growth will be backed by improved electricity generation, better irrigation infrastructure and cropping techniques, greater access to finance…

The International Monetary Fund (IMF) has urged Malawi authorities to maintain fiscal prudence and control of public spending. IMF Mission Chief for Malawi, Oral Williams, said the challenge for the government is how to contain spending in line with available financing but not leaving out social issues to meet development objectives. “Malawi is a strong performer on the revenue side, sitting comfortably above the median revenue collected by Low Income Countries in Sub- Saharan Africa,” Williams said. He further…

IMF has declared Malawi’s Extended Credit Facility on track. IMF says this is due to good management of domestic finance since September 2015. This was disclosed at a press briefing that IMF and Minister of Finance Goodall Gondwe addressed in Lilongwe. IMF says it appreciates the hard work that Malawi government has put in to bring the programmes back on track. The fund has however, asked government to work on bank reconciliations and report on arrears going forward. IMF has…

At the conclusion of the Executive Board’s discussion, Mr. Mitsuhiro Furusawa, Acting Chair and Deputy Managing Director, issued the following statement: “Malawi’s macroeconomic outlook and performance under the IMF-supported program was significantly damaged by a large-scale theft of public funds and by policy lapses in the run- up to elections. The breach of governance resulted in the suspension of budget support from donors, which has led to increased recourse to central bank financing, accumulation of domestic arrears, exchange rate…